By now we’ve all heard the predictions, seen the numbers, and know that a recession is on the way (perhaps already here for some of our markets), but that doesn’t mean that the credit union industry must retreat to a “play it safe” mindset. In fact, a recession might just be the added outside pressure needed to allow us to look at new opportunities.
Here’s 3 simple things to remember as talk of an economic downturn surround us:
- Look to fintechs. Fintechs can streamline and automate processes which may be needed if your workforce is reduced and your spending slows. They can reduce member problems, provide fraud protection, and even help boost the credit score of local businesses. While you may never be able to prevent a recession, you can continually work to make your credit union recession-proof through the help of agile, intuitive technology. Many great CUSO and fintech solutions have already been vetted and are available to provide the support you may need for recession-proofing your organization.
- Credit unions have the opportunity, dare I say, the responsibility, to grow local communities even during hard times. Looking back to The Great Recession in the early 2000’s, credit unions grew significantly during this time. Don’t be afraid to invest in your community, here’s 3 ways you can do that.
- Remember our collaborative roots. The special thing about this industry has always been our desire to improve the lives of the people we serve. That includes not just our members, but our employees, our local community, our state, our national industry movement, our service providers, our trades, our lobbyist, every single person who touches this industry. Don’t be afraid to reach out for help, to look for ways to interact and engage with other industry leaders, to share with others when you have a moment of success. Together we have the potential to thrive under any circumstances.